A crypto whale has drawn attention after pulling 13,800 ETH, worth around $35.26 million, from Coinbase. The wallet, tagged as “0x2b0aD,” carried out the large-scale withdrawal before using the funds to repay part of a loan on the decentralized lending platform Aave.
The address had previously borrowed ETH using cBTC, a wrapped version of Bitcoin supported on Coinbase, as collateral. Blockchain data shows that the wallet returned 13,750 ETH to Aave, effectively burning that amount, while 13,800 ETH was deposited back into the lending pool.
Though the debt was repaid, the amount owed was not significantly reduced. There are 32,377.6 WETH still outstanding in the wallet, currently worth over $82.6 million. This shows that the reduction was a partial exit that left some holdings in place.
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Large Repayment Suggests Strategic Risk Management, Not Full Exit
Besides lowering its exposure, the repayment boosts the wallet’s collateral health. This may signal a cautious approach regarding market volatility or preparations for future trades. Ethereum’s recent price movements around the $2,600 range could have influenced the timing of the transaction.
Though ETH/BTC is showing some signs of improvement, the overall trend is still downwards. Moving risk position can be a strategy the whale uses when prices are volatile. It is clear from this data that the borrower managed their debt well rather than acting out of panic.
Based on Onchain Lens, this transaction might be the first sign that large holders are changing their portfolios. By adding ETH to the loan, Aave reduces the risk of changes in interest and preserves the chance to benefit if rates go up.
Since the shares are only partially repurchased, it indicates that the organization is reorganizing rather than shutting down. With the return of $35 million in ETH, the wallet has made its holdings less risky while still being noticeable in the market.
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